Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out u/s 153A, additions made u/s 50C - assessee contended that without search, income from Long Term Capital Gains (LTCG) and cash transactions would not have been disclosed - Held: No reference to any statement recorded u/s 132(4) showing admission of undisclosed income, a prerequisite for invoking Section 271AAB(1A). Income from LTCG and cash transactions not alleged to be false by Revenue. LTCG otherwise taxable, transactions routed through banking channels, advance tax paid, hence cannot be treated as undisclosed income. Coordinate Bench decision in assessee's wife's case affirmed the view. Imposition of 30% penalty on alleged undisclosed income u/s 271AAB(1A)(a) not justified.
Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out u/s 153A, additions made u/s 50C - assessee contended that without search, income from Long Term Capital Gains (LTCG) and cash transactions would not have been disclosed - Held: No reference to any statement recorded u/s 132(4) showing admission of undisclosed income, a prerequisite for invoking Section 271AAB(1A). Income from LTCG and cash transactions not alleged to be false by Revenue. LTCG otherwise taxable, transactions routed through banking channels, advance tax paid, hence cannot be treated as undisclosed income. Coordinate Bench decision in assessee's wife's case affirmed the view. Imposition of 30% penalty on alleged undisclosed income u/s 271AAB(1A)(a) not justified.
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